I would politely suggest that locking in at a fixed rate for 5 years is not something your financial institution (FI) would like to see with the current going rates. They would be much happier with everyone going with 2-3 year rates so that when renewals come due their margins will increase.
A 5 year fixed rate in a couple of years (or even one depending on who you ask) should Term Deposit rates head north again will have the FI lending out at rates lower then what they are handing out.
As a business they will definately put things in their favour by adding stiff prepayment penalty clauses.
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